Key Takeaways
- • Bitwise and VanEck proved most accurate among the bearish-leaning forecasters, as Bitcoin hit all-time highs and crossed $100,000 for the first time in the fourth quarter of 2024, according to DL News.
- • Arthur Hayes, co-founder of BitMEX and founder of the Maelstrom Fund, predicted in October 2023 that Bitcoin would reach about $70,000 by end-2024, underestimating the rally, and now projects $750,000 to $1 million by end-2026.
- • Tim Draper, Standard Chartered, and Matrixport overshot Bitcoin's 2024 ending price by roughly $20,000, with Standard Chartered settling on $125,000 and Draper revising his target down to $120,000 by December.
- • Mike Novogratz's 2021 call for $500,000 Bitcoin in 2024 missed, though his March 2024 forecast of $100,000 was among the more accurate predictions of the year.
- • Michael Saylor of MicroStrategy projects Bitcoin at $13 million per coin by 2045, while ARK Invest forecasts $500,000 by 2026 and $1 million by 2030.
Summary
DL News reviewed the 2024 Bitcoin price forecasts of prominent crypto executives and investors as the year closed, grading predictions from bearish, bullish and long-horizon camps. The article notes that crypto executives are generally not pessimists, and that most of their forecasts proved wrong, while the review focused on the year's outcome.
Among the bearish forecasters, Bitwise, the institutional crypto investment firm, said in its end-of-year 2023 note that Bitcoin would trade above $80,000 and set a new all-time high. VanEck analysts predicted in December 2023 that Bitcoin would hit an all-time high in the fourth quarter of 2024 without offering a price target. According to DL News, both firms were proved correct, as Bitcoin reached record highs and crossed $100,000 for the first time in the fourth quarter. Arthur Hayes, co-founder of BitMEX and founder of the Maelstrom Fund, predicted in October 2023 that Bitcoin would rise to around $70,000 by the end of 2024. Hayes underestimated the rally, but the article notes he now expects Bitcoin to reach between $750,000 and $1 million by the end of 2026.
The bullish camp fared less well. Venture capitalist Tim Draper repeatedly raised his target, from $250,000 in 2022 and again for 2023 and 2024, before backtracking in November 2024 to $120,000 by December. Matrixport, a crypto financial services platform, predicted in July 2023 that Bitcoin would reach $125,000 by 2024. Standard Chartered first forecast $120,000 for 2024, then $150,000, before settling on $125,000. DL News states that Draper, Matrixport and Standard Chartered overshot Bitcoin's ending 2024 price by about $20,000.
Galaxy Digital CEO Mike Novogratz predicted in 2021 that Bitcoin would reach $500,000 in 2024. In March 2024 he revised his outlook to $100,000, which the article describes as one of the more accurate predictions of the year. ARK Invest, the Cathie Wood-led firm, has said Bitcoin would reach $500,000 by 2026 and $1 million by 2030. MicroStrategy founder and chairman Michael Saylor has projected Bitcoin at $13 million per coin by 2045.
Looking ahead, VanEck said 2025 would bring new Bitcoin highs, and analyst Noelle Acheson projected Bitcoin would pass $125,000. DL News concludes that whether Saylor's long-range forecast proves correct remains uncertain, as most crypto executive predictions have historically been off the mark.
Among the bearish forecasters, Bitwise, the institutional crypto investment firm, said in its end-of-year 2023 note that Bitcoin would trade above $80,000 and set a new all-time high. VanEck analysts predicted in December 2023 that Bitcoin would hit an all-time high in the fourth quarter of 2024 without offering a price target. According to DL News, both firms were proved correct, as Bitcoin reached record highs and crossed $100,000 for the first time in the fourth quarter. Arthur Hayes, co-founder of BitMEX and founder of the Maelstrom Fund, predicted in October 2023 that Bitcoin would rise to around $70,000 by the end of 2024. Hayes underestimated the rally, but the article notes he now expects Bitcoin to reach between $750,000 and $1 million by the end of 2026.
The bullish camp fared less well. Venture capitalist Tim Draper repeatedly raised his target, from $250,000 in 2022 and again for 2023 and 2024, before backtracking in November 2024 to $120,000 by December. Matrixport, a crypto financial services platform, predicted in July 2023 that Bitcoin would reach $125,000 by 2024. Standard Chartered first forecast $120,000 for 2024, then $150,000, before settling on $125,000. DL News states that Draper, Matrixport and Standard Chartered overshot Bitcoin's ending 2024 price by about $20,000.
Galaxy Digital CEO Mike Novogratz predicted in 2021 that Bitcoin would reach $500,000 in 2024. In March 2024 he revised his outlook to $100,000, which the article describes as one of the more accurate predictions of the year. ARK Invest, the Cathie Wood-led firm, has said Bitcoin would reach $500,000 by 2026 and $1 million by 2030. MicroStrategy founder and chairman Michael Saylor has projected Bitcoin at $13 million per coin by 2045.
Looking ahead, VanEck said 2025 would bring new Bitcoin highs, and analyst Noelle Acheson projected Bitcoin would pass $125,000. DL News concludes that whether Saylor's long-range forecast proves correct remains uncertain, as most crypto executive predictions have historically been off the mark.
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